Japanese shops christen joint effort

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[Tokyo] Hakuhodo, Daiko Advertising and Yomiko Advertising are naming their new joint holding company Hakuhodo DY Holdings, with a media subsidiary to be called Hakuhodo DY Media Partners. The three Japanese agencies, ranking No. 2, 4 and 8, respectively, in Japan, announced plans last December to merge their business operations under Japan's first advertising holding company to compete against dominant rival Dentsu. The new holding company, to be set up by October, would have gross income of $1.2 billion, behind Dentsu at $1.79 billion.
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